Technical outlook:
EURUSD has been trading within a range between 1.0880 and 1.0920 for the last 24 hours. The single currency pair is seen to be trading close to 1.0900 at this point in writing and the bulls are expected to push the price through 1.0930 in the near term. On the flip side, if prices break below 1.0830, it could open the door towards 1.0635 and beyond.
EURUSD has been carving a larger-degree triangle consolidation since printing highs at 1.1035. The projected triangle terminated at about 1.0835 last week. The price rallied through 1.0930 before pulling back. If the above scenario holds well, the instrument will take out 1.0835 and continue climbing through 1.1010 and further. The line in the sand is the 1.0635 support to enable the bulls to remain in control.
EURUSD has further carved a lower-degree upswing between 1.0835 and 1.0930 in the past few trading sessions. Also, note that the price dropped through 1.0970 and found support around the Fibonacci 0.618 retracement. The high probability remains for a continued push higher through 1.1010 and 1.1095 levels respectively.
Trading idea:
A potential rally towards 1.1200 to resume soon.
Good luck!
